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Property profile & analytics
OFF-MARKET Estimated value $580,000
Retail space

221 Hempstead Tpke West Hempstead, NY 11552-1541

1,300 SF 0.09 ac lot Built 1956
Entity Owned 8-yr Hold Free & Clear
Property ID
US63-4134393
Property summary
AI-generated overview

This exceptional mixed-use property in West Hempstead, NY, offers 10,400 square feet of versatile space, ideally situated on Hempstead Turnpike. The property consists of two buildings, each two stories high, and includes four established retail units and two residential apartments. A significant 5,000+ square feet of office space presents a unique opportunity for conversion into an additional five residential apartments, potentially increasing the total unit count to seven. This presents a compelling investment opportunity for both investors and end-users, allowing for owner-occupancy while generating rental income from the seven units. The property benefits from convenient access to a municipal parking lot with over 60 spaces, ensuring ample parking for residents and customers. Its prime location, near a planned residential development adding approximately 450 new apartments, promises future growth and increased demand. The asking price is $2,495,000. This is a rare chance to acquire a substantial mixed-use property in a thriving Nassau County community. The property's address is 221-223 Hempstead Turnpike, West Hempstead, NY 11552.

Property profile
Verified
Property type Retail space
Use group RETAIL STORES (PERSONAL SERVICES)
Year built 1956
Construction MASONRY/CONCRETE MASONRY UNITS (CMUS)
Total area 1,300 SF
Lot 0.09 ac (4,000 SF)
APN 35-354-00-0009
UPID US63-4134393
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
  • Hempstead Turnpike Dental Supply Dental Office
  • El Nuevo Usulutan Restaurant Restaurant
  • Olinda's Restaurant
Value estimations
Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
$395k
Comparable Approach Comparable
$747k
Blend (final) Blend
$580k
Owner & transaction history
Skm Hempstead Property INC · 8 yrs held
Skm Hempstead Property INC
since 2017
2 recorded transactions
2017
$1.6M
2014
$1.6M
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general) $785,000 +42.5%
Auto repair, garage $750,000 +35.9%
Warehouse, storage $655,000 +18.5%
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